List Of Small Business Associations – The articles of association is a document that sets out the rules for the company’s operations and explains the purpose of the company. The document explains how activities are to be carried out within the organisation, including the process of appointing directors and handling financial records.
Bylaws often determine how a company will issue stock, pay dividends, audit financial records and grant voting rights. This set of rules can be considered a user’s manual for the company as it outlines the procedure for performing the daily tasks that need to be performed.
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Although the content of the articles of association and the exact terms used vary from jurisdiction to jurisdiction, the document is very similar around the world and generally contains provisions regarding the name of the company, the purpose of the company, the capital of the section, the organization. of the company and provisions regarding shareholder meetings.
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As a legal entity, the company must have a name found in the articles of association. Each jurisdiction will have rules regarding company names. Usually a suffix like “Inc.” or use “Err” to indicate that the entity is a company. In addition, certain words that may be confusing to the public, such as “government” or “church,” cannot or must be used only for certain types of entities. Words that are offensive or embarrassing are also prohibited.
The basis for establishing the company must also be stated in the articles of association. Some jurisdictions accept very broad purposes — “regulation” — while others require more detail — for example, “wholesale bakery operations”.
The number and type of shares that make up the company’s capital are specified in the articles of association. There will always be at least one type of ordinary share which is the capital of the company. In addition, there may be several types of preferred stocks. The company may or may not issue the shares, but if found in the articles of association, they can be issued if needed and when they arise.
A company may or may not issue shares, but if they are listed in the articles of association, shares can be issued if and when needed.
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The legal entity of the company, including its address, the number of directors and officers, and the identity of the founders and original shareholders, is found in this section. Depending on the jurisdiction and type of business, the company’s auditors and legal counsel may also be in this category.
The provisions for the first general meeting of shareholders and the rules governing subsequent annual meetings of shareholders – such as notices, resolutions and votes – are set out in this section.
A person or group of people starting a business usually turn to a lawyer, an accountant, or both for advice when setting up a company.
The company will choose a name and explain its purpose. The company then registers at the state/provincial or federal level. Note that identifying a name is a separate process.
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A company can issue shares to divide the company if it wants to, but it doesn’t have to. The articles explain how this can be done. The lawyer or accountant usually works with the company’s directors, asking them questions to help them understand how they want to grow and how the company can be structured in the future. to come
Requires writers to use primary sources to support their work. These include white papers, government data, original reports and interviews with industry experts. We also cite original research from other reputable publishers when appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy. Savings and loan institutions—also known as S&Ls, savings banks, thrift banks, or savings institutions—provide many of the same customer services as commercial banks, including deposits, loans, mortgages, checks and debit cards. However, S&Ls place a stronger emphasis on residential mortgages, while commercial banks tend to focus on working with large businesses and on unsecured credit services (such as credit cards).
Commercial banks can be licensed at the state or federal level. The same goes for S&Ls. The Office of the Comptroller of the Currency (OCC) is responsible for overseeing all nationally licensed commercial banks and S&Ls.
Commercial banks are owned and managed by a board of directors elected by shareholders. Many commercial banks are large multinational corporations.
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Unlike S&Ls’ narrower focus on home mortgages, commercial banks typically provide a broader range of financial offerings, often including credit cards, wealth management, and investment banking services. Although commercial banks provide residential mortgages, they tend to focus on loans aimed at the construction and expansion needs of regional, national and international businesses.
In the electronic age, many customers use the services of commercial banks online. However, in the past, brick and mortar commercial banks often offered personalized customer service through a teller or bank manager and offered customer services such as ATMs and safe deposit boxes. Some branches of these commercial banks even offered facilities to their customers, such as providing coffee or water to waiting customers.
The original purpose of S&Ls was to allow more middle-class Americans to buy their own homes by providing cheaper mortgage options. In the 21st century, these institutions continue to focus on this service, but they also offer checking and savings accounts. In this respect, they are similar to commercial banks.
S&Ls are owned and operated differently than commercial banks. Most of their customer base is usually local. S&Ls can be owned in one or two ways. Under what is known as a mutual ownership model, an S&L can be owned by both its investors and its borrowers. Alternatively, an S&L can be formed by a consortium of shareholders who have controlling share ownership (as set forth in the S&L charter).
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By law, S&Ls were previously subject to certain restrictions that commercial banks were not subject to. The final decision by the OCC – the regulatory agency for S&Ls and savings banks – issued on May 24, 2019 and effective on July 1, 2019, has the power to modify some of these restrictions and provide more operational flexibility provided to S&Ls.
This decision enacted a provision that allows S&Ls and savings banks insured by the Federal Deposit Insurance Corporation (FDIC) to elect to operate as covered savings associations. This would allow federal savings associations to operate with the powers of national banks (without changing their original charters). In other words, S&Ls and savings banks can choose to operate in most activities permitted for national commercial banks.
Before this decision, S&Ls could only lend up to 20% of their assets for commercial loans, and only half of that could be used for small business loans. Additionally, to be approved to borrow from the Federal Home Loan Bank, the S&L had to demonstrate that 65% of its assets were invested in residential mortgages and other consumer-related assets.
Requires writers to use primary sources to support their work. These include white papers, government data, original reports and interviews with industry experts. We also cite original research from other reputable publishers when appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy. The Government is reviewing the Co-operatives Act. See our consultation notice and learn how to take part.
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Cooperatives develop communities and create jobs by offering a range of support such as housing, food or healthcare. They are owned and operated by the people who use those underlying products or services.
The established cooperative is a legal entity. It is independent of its members. This makes it easier to make deals, get loans or get financing.
You may want to get advice from an accountant or lawyer before forming a co-operative society.
Cooperatives incorporated outside of B.C. complete an out-of-provincial (out-of-province) registration and maintain registered status while doing business in BC
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The name of the co-op must be approved and verified as not conflicting with a name already in use by a corporation. This will ensure that the public is not misled or misled by the name of the collaboration. Find out how to choose the right name.
If you are seeking a name license for an out-of-province (out-of-province) cooperative, contact BC Registry Services at 1-877-526-1526 (toll-free) or 250-387 -7848.
It takes approximately 7 to 14 days to process a name request. Once you’re done, you’ll receive a name application number that you can use to register your business. Make sure to complete the registration before the name request expires (56 days after approval). If not, you must submit another name request.
Request priority service ($100 fee) if you need name approval in 1 to 2 business days.
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The memorandum should accurately reflect the objectives and values of the cooperative. Be detailed and specific, but not too limited. This avoids having to make changes later.
To create a cooperative, you need at least three subscribers who are responsible for the operation of the cooperative. They can be individuals or groups such as a government, first nation, corporation, business, society or other cooperative.
Applicants must explain their rules correctly. BC Registries is not responsible for verifying or offering advice
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